Swiss drop US Senate trip to protest UBS treatment: report
GENEVA (AFP) – Switzerland has cancelled an appearance before a US Senate sub-committee to protest US government treatment of its biggest bank, UBS, over tax fraud claims, the ATS news agency reported Sunday.
"The Swiss government regrets that the US Department of Justice has threatened UBS with unilateral measures despite the cooperation of the bank and the Swiss authorities," ATS reported, citing a letter sent to the US Senate.We need some serious tax reform beyond just rates and new progressive tables.On Wednesday, UBS, Switzerland's biggest bank, reached a settlement with US authorities in which it admitted to US tax fraud and agreed to pay 780 million dollars. It was also ordered to hand over details of 250 to 300 US clients.
However, the US Justice Department then launched a separate lawsuit to force UBS to name another 52,000 US customers who allegedly evaded taxes.
We need to get away from direct income taxation.